Dr Bart Nnaji Chairman and CEO of Geometric Power

2009 will see several of Geometric’s projects come to fruition thanks to domestic resources and investment

Geometric Power Ltd is in a business with huge potential for growth. This Nigerian power company is building privately owned power plants around the country to make up for the shortfalls of the national grid.

Many Nigerian businesses are forced to supply their own electricity, usually through running their own generators, because of the erratic supply from the national electricity company. Geometric is working to improve that situation by building generating plants in carefully targeted areas that will guarantee supply to the company's clients.

“Power is Nigeria’s top priority today and we need to ensure that it's adequate in order for the country to progress,” says Bart Nnaji, Geometric's chairman and chief executive officer. “There is no reason Nigeria’s power sector cannot stand on its own two feet, and we are determined to make this happen.”

The company already has one generating plant operating near the capital city of Abuja that provides power to a dedicated distribution network – including the Abuja central business district, the International Conference Center, the Federal Secretariat and the Nigerian National Petroleum Corporation headquarters, among others.

Geometric initially faced some difficulties in financing that project. After the company arranged a group of solid sponsors and a partial guarantee from the government, Geometric was able to convince their investors that it was a solid plan, and have since been proven right.

After completing the Abuja project in three years, the company moved on to one in the city of Aba, in the state of Abia in the southeastern part of the country. Aba is Nigeria's third-biggest industrial city, and its businesses are sorely in need of a reliable supply of electricity to keep their many factories running efficiently and continuously.

The Aba power plant, which will have a minimum installed capacity of 188 megawatts and will use Nigerian natural gas as fuel, is scheduled to be finished in the first quarter of 2009. The generating plant will provide energy to a power network that is completely independent of the national grid, ensuring an uninterrupted supply of power.

The Abia state government was instrumental in helping encourage funding for the $300 million project by providing incentives for financing. Investors in the Aba project include the International Finance Corporation, the European Investment Bank and the Emerging Africa Infrastructure Fund.

Geometric is currently in talks with Nigeria's federal government about building a 1000-MW power plant, this time in the vibrant commercial capital of Kaduna. The company expects to be able to build on its previous successes and attract more prestigious investors, Nnaji says.

“The backing we have received from world-class organisations is in itself a testimony to the high quality standards we embrace at Geometric Power,” he says. “We are also very keen to partner with organizations that will help improve our local human capital.”